Oil exploration stocks dive sharply on sub-zero oil price
Shares of oil exploration companies such as Reliance Industreis, ONGC, Selan Exploration, Hindustan Oil Exploration and Oil India plunged in the range of 3-10 per cent in early trade on Tuesday, as NYMEX crude oil prices plunged a historic minus $36/barrel.
Due to its own share of issues regarding storage and lack of demand, WTI May futures crashed to a low of negative $36.9/bbl on Monday night before recovering to negative 1.6/bbl. Global crude oil benchmarks are at nearly two-decade lows as less than 90 per cent of the world is under lockdown, with economies at a complete standstill.
The stock of Reliance Industries edged down about three per cent at ₹1,205.60; ONGC crashed 5.8 per cent at ₹69.75; Oil India tumbled 6.5 per cent at ₹84.70; Selan Exploration and Hindustan Oil Exploration slumped 5 and 10 per cent respectively.
